The Papas family, which owns and operates numerous restaurants and businesses in Detroit's Greektown, has purchased the recently shuttered New Parthenon Restaurant and will renovate, according to a statement from the family.

The family, which owns Pegasus Taverna and the Atheneum Suite Hotel, confirms that they will remodel the longtime Greek restaurant that closed earlier this week.

They have also purchased Santorini Estiatorio, located at 501 Monroe St., which shuttered last month and is undergoing major renovations, including a roof.

This new development knocks the idea that both restaurants were going to be shuttered for good.

The Papas family has a four-decade-long history in Greektown, saying in a statement, "Our family chose to continue to invest in Greektown, which also coincides with an upcoming district-wide redevelopment master plan to be unveiled by the end of 2018."

The statement also said the family plans to continue their investment in the neighborhood, with future developments to come.